Amines Market - Forecast(2023 - 2028)

Amines Market Overview

The Amines Market size is forecast to reach US$22.1 billion by 2027 after growing at a CAGR of 5.1% during the forecast period 2022-2027. Amines are a large class of nitrogen-containing organic compounds derived from ammonia by the displacement of hydrogen atoms with an alkyl or aryl group. Amines and their derivatives serve as key building blocks in a broad array of chemical products with a wide range of applications. The global amines market is segmented into alkyl amines, aromatic amines, ethanolamines, ethylene amines, fatty amines, and specialty amines which find applications in various industries such as pharmaceutical, agriculture, textile, personal care and cosmetics, paints and coatings, among others. Aniline, ethanolamines, and several other amines are major industrial commodities used in making dyes, pharmaceuticals, and pesticides and for a variety of other applications. The exponential growth of the pharmaceutical industry acts as a driver for the global amines market during the forecast period.

COVID-19 Impact

The COVID-19 pandemic has disrupted global economies and led to restrictions in movement, at the domestic as well as international levels, leading to layoffs, downsizing and GDP changes across the world. Every industry has been impacted by the pandemic including the agricultural industry. Lockdowns and social distancing over the fear of spreading infection resulted in the closing of restaurants, hotels, and schools which left the majority of farmers with no buyers for more than half their crops. Farm workers returned to their houses for safety reasons, as at the beginning of the pandemic the stay-at-home mandate was strictly enforced. On the other hand, only items deemed essential were allowed to be sold and transported during the initial stage of the pandemic when strict measures were in place. Agricultural produce being an essential commodity was one of the few items that was not affected as much. Hence the impact has been significant on the agricultural industry and this, in turn, affected the pesticide usage which impacted the global amines market.

Report Coverage

The report: “Global Amines Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the global amines industry.

By Type: Alkyl Amines (Ethyl Amine, Methyl Amine, Butyl Amine, Propyl Amine, and Others), Aromatic Amines (Aniline, Toluidine, and Others), Ethanol Amines (Monoethanolamine, Diethanolamine, Triethanolamine, and Others), Ethylene Amines (Ethylenediamine, Diethylenetriamine, Tetraethylenepentamine, and Others), Fatty Amines, and Specialty Amines (Polyamines, Amino Methyl Propanol, Dimethylaminopropylamine (DMAPA), and Others)
By Application: Chelating Agents, Corrosion Inhibitors, Adhesives, Catalysts, Water Treatment, Dyes, Detergents, and Others.
By End Use Industry: Agriculture (Fungicides, Insecticides, Herbicides, and Others), Pharmaceutical (Amino Acids, Analgesics, Anaesthetics, Stimulants, and Others), Paints & Coatings, Textile, Oil & Gas, Cosmetics & Personal Care and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa) 

Key Takeaways

Figure: Asia-Pacific Amines Market Revenue, 2021-2027 (US$ Billion)

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Amines Market Segment Analysis – By Type

The ethanolamines segment held the largest share in the global amines market in 2021. Ethanolamines are a chemical group comprised of amino acids and alcohols. They are bifunctional, and possess the capability of undergoing reactions common to both alcohols and amines. Amines react with acids to form salts or soaps. Like alcohols, they can form ethers and esters. Ethanolamines are commonly used in cleaning products such as floor cleaners and laundry detergents. Monoethanolamine, diethanolamine, and triethanolamine are examples of ethanolamines as key raw materials for agrochemicals. As per statistics from India’s Directorate of Plant Protection Quarantine & Storage, the consumption of pesticides in the country stood at 62,193 MT during 2020-21. The growing use of ethanolamines in various end-use industries such as agriculture, personal care, textile, and pharmaceuticals is driving the global amines market during the forecast period.

Amines Market Segment Analysis – By End Use Industry

The agriculture segment held the largest share in the global amines market in 2021 due to the growing demand for produce. Amines are widely used in the production of herbicides, insecticides, and fungicides. Ethanolamines and ethylene amines are the key building blocks in the production of agrochemicals. For instance, triethanolamine is used in the production of herbicides, and ethylene diamine is used to produce fungicides. According to the Food and Agriculture Organization of the United Nations, by 2030 the world’s population is estimated to reach $8.3 billion, hence the demand for food is expected to grow. It is also estimated that about 800 million people go hungry every day. According to an article from the International Academy of Ecology and Environmental Sciences (IAEES), without pesticides, the production of fruits, vegetables, and cereals will lose 78%, 54% and 32% of yield respectively. Whereas, using pesticides reduces the loss of around 35% of the total production. As a result, the use of agrochemicals minimizes the loss of crops and substantially increase the yield In light of the mentioned factors, the agriculture industry is expected to dominate the global amines market.

Amines Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the global amines market in 2021 up to 45% owing to the well-established agriculture and pharmaceutical industries in the region. India is the largest provider of generic drugs globally. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines. Globally, India ranks 3rd in terms of pharmaceutical production by volume. The growth of the cosmetic industry in the region also aids in market growth. According to the International Trade Administration, South Korea is one of the top 10 beauty markets in the world, representing nearly 2.8% of the global market. According to the Korean National Statistical Office, cosmetics online shopping transactions stood at $10.6 billion in 2020. Amines are used in personal care products and cosmetics to help balance the pH. The Asia-Pacific region has the highest rate of population growth hence the demand for pesticides and herbicides is escalating due to the ever-growing need for food. Asia is predominantly an agrarian society, where a majority of the population is dependent on agriculture for their livelihood. For good agricultural yield, pesticides are essential. Hence the growth in agriculture leads to an increase in demand for pesticides which leads to an increase in the consumption of amines. Alkyl amines are widely used in the agrochemical sector as pesticides. The growing FDI in this region also contributes to aiding the market growth. The Indian drugs and pharmaceuticals sector received cumulative FDIs worth US$ 19.19 billion between April 2000-December 2021. Therefore, this region is expected to dominate the amines market.

Amines Market Drivers

Flourishing Pharmaceutical Industry

The pharmaceutical industry has been growing leaps and bounds. The emergence of the pandemic served as a catalyst for this exponential growth. Amines are widely used in the synthesis of pharmaceuticals. According to the European Pharmaceutical Review, more than 40% of drugs contain amine functional groups. For instance, ephedrine and phenylephrine, are amine hydrochlorides, are used as decongestants. Amitriptyline, imipramine, lofepramine, and clomipramine are tertiary amines and are used as antidepressants. Methylamine is used in the production of the analgesic, Meperidine. Morphine and codeine are derived from tertiary amines and are used as analgesics. Benzylamine, an aromatic amine, is a building block in the production of Active Pharma Ingredients (APIs). Dimethylamine is used in the synthesis of the antihistamine, diphenhydramine. According to India Brand Equity Foundation (IBEF), India’s domestic pharmaceutical market was valued at US$42 billion in 2021 and is expected to reach US$65 billion by 2024 and further expand to reach US$120-130 billion by 2030. Thus, the flourishing pharmaceutical industry acts as a driver for the global amines market.

Growing Investment in Wastewater Treatment

Owing to climate change, water availability is becoming less predictable. According to the United Nations, by 2050, 2.7 to 3.2 billion people will be living in severe water-scarce areas. Investments in water treatment projects are increasing due to the need to provide access to clean water. In May 2022, the U.S. Environmental Protection Agency (EPA) announced a US$221 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to the New Jersey Infrastructure I-Bank. In the US, 84 WIFIA loans are financing $32 billion in water infrastructure upgrades across the country. In April 2022, the Government of Canada invested over US$4.3 million in the wastewater treatment system in Melville. Amines are widely used in wastewater treatment. Alkyl amines are good surfactants on account of biocidal properties and corrosion resistance. The use of alkyl amines in water treatment processes improves the water quality as they are oxygen scavengers. Thus, the growing investment in wastewater treatment drives the global amines market.

Amines Market Challenges

Health Hazards of Amines

While amines are used as catalysts, corrosion inhibitors, drugs, pesticides, herbicides, and a host of other applications, certain amines are hazardous. Prolonged exposure to dimethylamine may result in dermatitis or conjunctivitis. Dimethylethylamine is known to cause visual disturbances. Ethanolamine is an irritant and affects the eyes, skin, and respiratory system. Over-exposure to ethylene amines may result in pulmonary edema and kidney damage. In foundries, tertiary amines are used in the core-making processes to increase the rate of reaction between phenolic resins and isocyanates. According to the Center for Disease Control and Prevention (CDC), general toxicological effects of amines include corrosive action on the skin and mucous membranes and systemic complaints including headache, nausea, faintness, anxiety, tachycardia, itching, erythema, urticaria, and edema. These health hazards may prove to be a challenge for the global amines market.

Amines Industry Outlook

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the global amines market. Global amines market top 10 companies are:

1. BASF SE
2. Eastman Chemical Company
3. Arkema S.A.
4. Dow Chemical Company
5. Huntsman Chemical Corporation
6. Akzo Nobel N.V.
7. Solvay
8. Nouryon
9. SABIC
10. Mitsubishi Gas Chemical Company

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